TBI Denies Payments from Syria for Fuel

The Trade Bank of Iraq (TBI) has denied a report it had received cash or letters of credit from Syria for fuel supplies from Iraq, according to a report from Bloomberg.

Chairwoman of the bank, Hamdiyah Al-Jaff, said in an emailed statement: “The Trade Bank of Iraq has not conducted such transaction(s).”

The Financial Times reported that the Iraqi government was sending 720,000 tons of fuel oil in a one-year contract to Syria, with the Iraqi Oil Ministry delivering oil worth $14 million over June and July.

The shipments didn’t violate U.S. and European Union sanctions, the newspaper said, citing commercial documents.